Wellumio raises nearly $10M to advance point-of-care MRI system
New Zealand-based medtech company Wellumio has raised $9.75 million to accelerate the development of its portable, artificial intelligence-powered MRI brain imaging system.
Axana is designed to bring point-of-care stroke diagnosis to emergency departments and other acute care settings. Unlike conventional MRI scanners, the battery-powered device weighs around 110 pounds and does not require contrast agents, cryogenics, helium nor shielded imaging rooms. The system uses the company's proprietary Pulsed Gradient Free Mapping technology to rapidly identify acute stroke at the patient's bedside, enabling providers to expedite treatment decisions during the critical early window when intervention is most effective.
The oversubscribed pre-Series A financing included new investments from Australia's Bioshore Ventures and U.S.-based Jumpspace Ventures, alongside existing investors. Wellumio said the additional capital will help expand its workforce and accelerate its path toward regulatory approval of the technology. It also will support expanded clinical validation, product development, regulatory activities and commercialization, in addition to increasing Wellumio’s capacity to conduct clinical research at additional sites.
According to the company, Axana has so far demonstrated agreement with conventional MRI for key stroke biomarkers in preclinical testing and first-in-human feasibility studies. The company recently secured a U.S. patent for its Pulsed Gradient Free Mapping technology and plans to continue evaluating the portable imaging platform as it works toward making rapid neuroimaging more accessible.
“Every minute counts in stroke care, yet only a small proportion of patients receive treatment within the ‘golden hour,’ when timely intervention offers the best chance of reducing long-term disability. Our portable, AI-enhanced MRI-based brain imaging technology is designed to rapidly detect acute stroke at the point of care, helping clinicians make faster treatment decisions when time matters most,” Shieak Tzeng, MD, PhD, co-founder and CEO of Wellumio, said in a statement. “The additional investment, combined with the expertise and international networks our investors bring, will help accelerate our clinical validation, regulatory and commercial milestones as we work to bring our technology closer to healthcare providers and patients who need it most.”
In addition to her background in journalism, Hannah also has patient-facing experience in clinical settings, having spent more than 12 years working as a registered rad tech. She began covering the medical imaging industry for Innovate Healthcare in 2021.